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FSG could now sanction Liverpool part-takeover as paperwork filed
Fenway Sports Group may be divisive owners among Liverpool supporters at times, but their reputation in the industry is nearly without compare.
Without spending the same sums as some of their peers, FSG have brought both on-pitch success and success in the balance sheets to Liverpool.
They are now generating record revenues and are on course to have their most lucrative season yet thanks to the expanded Champions League format and the redevelopment of Anfield.
But what are FSG‘s long-term ambitions on Merseyside?
TBR Football spoke exclusively to Liverpool University football finance lecturer and author of the Price of Football Kieran Maguire to explore what the future might hold.
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FSG Football Services
Recently, FSG registered a new company on Companies House, sparking speculation that they could be about to set up a multi-club vehicle like Man City’s City Football Group.
However, while the Liverpool owners’ long-term aim is to launch a multi-club network, this new company could theoretically be related to a future part-sale of the club, says Maguire
“Club owners set up companies on a regular basis.
“You only have to take a look at the accounts of Man United, who are publicly listed in New York, to see that there are probably 20off subsidiary companies, some of which are trading, some of which are not.
“In respect of FSG Football Services, we will have to wait and see.
“It may simply be a way of breaking Liverpool down into football and non-football services with the aim of getting minority investment at a later date in time into the non-football part of the business.
“That might be turning a decent profit and therefore becoming a viable and lucrative business in its own rights and therefore attracting investment.“
John Henry’s strategy
FSG’s John Henry is one of the few owners to feature twice in Sportico’s list of the 50 most valuable sports teams, with Liverpool and Major League Baseball outfit the Boston Red Sox.
His long-term investment aims in Liverpool? To sit and wait until the club’s value appreciate before flipping for a profit – but not any time soon.
What is his long-term investment strategy? When might he consider cashing out of Liverpool?
“John Henry is a very smart investor.
“He is an expert in terms of identifying distressed assets at bargain prices, such as his original acquisition of Liverpool, which has repaid more than 10 times.
“He doesn’t need to sell. He doesn’t need the money. He is independently wealthy away from the football club.
“Therefore, I would only expect to see divestment if someone comes in for a minority stake with an offer so good that it is stupid to turn it down.
“He has the enjoyment of Liverpool’s success and his background in terms of commodity trading has proved useful in his adoption of a Moneyball approach.“
Liverpool’s summer spending
Liverpool supporters have understandably grown frustrated with Liverpool’s lack of spending in the transfer market this summer.
They remain the only team yet to have signed anyone.
This prompted finance expert and former Man City adviser Stefan Borson to suggest that FSG are attempting to demonstrate their business model with a view to securing future investment.
“One of the things that Liverpool are very good at is ignoring the noise.
“The noise every summer is spend, spend, spend.
“Liverpool will only spend money if a particular player in a particular position if he can improve the team and the squad.
“If not, they also have huge confidence in the huge talent that is coming from Liverpool’s academy, players who they may have bought two years ago who were once relatively peripheral but who have now become contenders for a first team place.
“I don’t think this is anything to do with a strategy.
“One should always look at a single transfer window with extreme caution.
“It is very clear Liverpool have a long-term strategy and they don’t make decision for the sake of being in position X in the transfer spend table. They are far smarter than that.”